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Erudite AfricaCenter of Excellence
← Debt Capital Markets (DCM)

Bond features, documentation and the issuance process

Module 02 / 5 · 65 min

Read and negotiate the key terms of a bond offering and run an Ethiopian issue from mandate through ECMA registration, marketing, settlement and ESX listing.

In this module you will learn to

  • Explain coupon, maturity, amortization, call and put options, security, covenants and the bondholder representative, and how each shifts risk
  • Sequence the issuance process from mandate to listing and name the documents and approvals at each step
  • Apply ECMA's registration fee for a bond offer and distinguish a public offer from a private placement
  • Judge which terms to offer investors in a market with few precedents

Built on

  • Erudite Africa training module: Ethiopian Context, topic 3.f Debt Capital Markets, Levels 1 and 2 (October 2026)
  • Capital Market Proclamation No. 1248/2021; ECMA Directive No. 996/2024 (fees); ECMA public offer directive (reported as No. 1030/2024); ESX Rulebook (December 2024)
  • National Bank of Ethiopia Proclamation No. 1359/2025; NBE Directives SBB/95/2025, SBB/87/2024, SBB/72/2019, SBB/98/2025, FXD/01/2024 as amended by FXD/04/2026, NBE/INT/13/2026; MPC release No. 7 (July 2026)
  • Ministry of Finance, Public Sector Debt Statistical Bulletin No. 56 (February 2026)
  • ICMA Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines; G20 Common Framework for Debt Treatments
  • Commercial Code of 2021 (reported as Proclamation No. 1243/2021)

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.